Canadian blockchain company Cypherpunk Holdings has rebranded, adopting the new name Sol Strategies as it focuses its investment strategy on Solana.
The Toronto-based firm announced on Sept. 12 that Sol Strategies reflects its decision to invest in Solana (SOL), including through staking and projects built on the blockchain network.
Cypherpunk Holdings, now Sol Strategies, launched its operations in 2018 and is publicly listed on the Canadian Securities Exchange. The company also trades on the OTC market.
You might also like: MakerDAO rebrands to Sky, introduces SKY and USDS tokens
Cypherpunk Holdings among first publicly-traded companies to hold Bitcoin
Sol Strategies is among the first publicly-traded companies to invest in Bitcoin (BTC). The bear market however saw Cypherpunk Holdings liquidate its BTC and ETH holdings.
Its business also involved venture capital and private equity investments, with these milestones achieved at a time when the crypto space had no exchange-traded funds.
With the board of directors and shareholders approving the rebrand on July 30, 2024, the main focus will now be on the Solana ecosystem.
Leah Wald, chief executive officer of Sol Strategies, noted in a statement that the pivot will allow the company to capitalize on Solana’s growth potential.
“Transitioning to Sol Strategies signifies our strategic evolution for the Company as we focus on unlocking Solana for public markets and driving value for our shareholders.”
Leah Wald, CEO, Sol Strategies
Sol Strategies Solana holdings
Sol Strategies, formerly Cypherpunk Holdings, appointed Leah Wald as its chief executive and president in July 2024. Wald is a crypto industry veteran whose experience includes serving as the former CEO of digital asset management firm Valkyrie.
The company’s SOL holdings have increased significantly since Wald’s appointment and after the shareholder vote to rebrand. Notably, the firm held no Solana as of March 31, 2024.
By July 16, it held over 63,000 SOL in Coinbase custody, which increased to over 86,290 SOL by July 31, 2024.
According to the latest update at the end of July, Sol Strategies acquired its Solana at an average price of $143. SOL currently trades around $135, struggling for upside since dropping from above $200 in April.
You might also like: Zodia Custody taps Marinade Finance to offer Solana staking services
